Blog

Six simple steps that will grant your franchise a successful sale - Step 6

STEP 6: GIVING YOUR FRANCHISE BUSINESS RIGHT

Mission objective : Grant your franchise business right to the best prospective candidate you have
    
Since it holds an essential role in franchisees recruitment process, most franchise owners choose to place their senior executive at the executive review board. It is mostly because vast experiences they have and their deep understanding about the need of the franchise itself. However, if you have just started your own franchise for months that mean there is no senior executive at your company, there is an alternative option you can choose. A franchise consultant, a business associate, or another advisor who gets your trust will perfectly match the job. Their professional skills will help you in making important decision regarding the recruitment process as well as giving you perfect chance to learn and improve your professionalism.


Your executive board committee will take the whole Discovery Day to review all the candidates. As the conclusion of the study that they usually give at the end of the Discovery Day, they will decide whether to give your franchise business right to the candidate(s) or not.
As one crucial step in leading your franchise to success, you should carefully grant your franchise right only to a person who meets all your requirements. Yes, we cannot deny that it is a very complicated process, yet it takes a long time before you can make your decision. However, as a franchisor, you should also learn to increase your time efficiency. Ask your executive board to consider about the candidate’s personality and prospect in the future. Even the tiniest detail about your candidate’s personality may give an important clue about what will they do and what can they do in the future if they become part of your system. Are they going to lead you climbing the stairs of success or even bringing you down the street of failure?


Your Discovery Day is not only final interview process for your prospective candidates, but also it is a celebration for everyone because, at the same day, you will welcome successful candidates to become your team member. All candidates who have received approval from your executive review board will be able to purchase your franchise business right and therefore they will become part of your system. Celebrate this delightful moment with everyone from your company with photo shots, congratulations, cakes, and everything you love to have at this memorable day.

    

How to Kindly Refuse Your Candidate
When your franchise candidate applies for a position in the business, there is one recruitment fact he should have already kept in his/her mind: there is always winner and loser. Well, we cannot deny that personal capability is necessary to fill a particular position, but telling someone that he/she is not capable enough for the company is not always a simple task. Some people may think that denying people’s application is as simple as just saying the word from your mouth, but the real fact shows the contrary, including in the franchise business. There are at least two reasons all company should include in their reason for rejection: respect to the candidate and business reasons. Once you have made final franchise recruitment decision, all candidates should get transparent information about why you hire someone and choose to deny another one. All candidates are eligible for this information, no matter which decision you have for them. 

 

What if You Want to Sign the Agreement after the Discovery Day?
Most franchisors ask their candidates to sign job agreement at the same day when Discovery Day takes place. However, it has nothing wrong if you choose to use different policy. You can still ask your successful candidates to sign a contract even after the Discovery Day ends. Communication is important if you use this decision. Immediately contact your successful candidates after the Discovery Day and schedule an appointment with them when they can sign the agreement. 

Here are some additional closing tips you also need:


1. Once your executive review committee has given you their decision on choosing successful candidate, you should make immediate contact to all successful candidates and deliver them the good news. An e-mail confirmation will treat them enough for this purpose. Do not forget to include proposed program when you encourage them to sign the agreement.
2. Even though you are free from any liability to remind the successful candidates about when they should sign the agreement, most franchisors provide seven days at maximum to their successful candidates in signing the franchise work contract. You may need to give your successful franchisees some extra days if additional processes are mandatory before both sides can sign the agreement. Keep everyone on the schedule, unless you want your franchise attorney to consider this task as the lowest priority for your franchise.